UK inflation unexpectedly remains steady at 2.4% in May

“UK inflation remained steady at 2.4 per cent in May, despite predictions from City of London analysts that rising petrol costs would push it to 2.5 per cent” writes Ben Chu for The statistics agency reported that core inflation, which strips out volatile fuel and food prices, was also steady at 2.1 per cent in the month.Other analysts, however, pointed out that 2.4 per cent CPI inflation was in line with the Bank’s projections at the time of its May Inflation Report.CPI inflation shot up to 3.1 per cent last November, as the slump in sterling in the wake of the Brexit vote fed through to import prices.After adjusting for inflation, average wages rose 0.1 per cent in April, having been falling in real terms between April and December 2017.

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